Missing!
Audit finds equipment and fixed assets unaccounted for at HEART training centre
A2015 AUDIT of the Beechamville Vocational Training Centre in St Ann found that several equipment and fixed assets acquired by the centre were unaccounted for.
The centre, which is operated by the Human Employment and Resource Training Agency (HEART), offers programmes in accounting, business administration, early-childhood development, general construction and plumbing.
At the end of a physical verification exercise conducted at the vocational training centre, the count of 105 fixed assets, valued at $649,437.83 were recorded but not found at the location.
“Eighty-five of the 105 assets have been located and properly tagged and as such, 20 asset are still accounted for,” the audit report said.
The equipment, which remains unaccounted for includes a fax machine, two air-conditioning units and six microphones, all valued at $82,205.61.
The audit report called for a review of documentation on the centre’s fixed assets to ensure that no additional equipment goes missing.
LIKELY TO BE STOLEN
According to the audit, “The absence of these assets from the local asset register increase their likelihood of being stolen, lost or used inappropriately, without being detected.”
Auditors also found that inventory items were not reconciled as items recorded in the inventory master file could not be located in the storeroom. The audit called for an investigation to be done to determine the whereabouts of the missing items, given that the variance between the recorded and actual inventory could result in an overstatement of the inventory balances in the trust’s financial statements.
Auditors also raised concern that the inaccurate inventory information at the training centre has resulted in ineffective inventory management and increased operational costs for the trust.
“In the absence of accurate and complete record-keeping in relation to the movement of inventory items, the likelihood of inventory items being stolen, lost, damaged or used inappropriately, without being detected, is increased,” the audit documents said.